•Femi Otedola
Umar Sani, a presidential aide attached to the office of ex-Vice-President Namadi Sambo, has described the recent comments of billionaire businessman, Femi Otedola, on subsidy as rewriting of history.
Otedola recently revisited Nigeria’s controversial fuel subsidy regime, saying that corruption remains entrenched in the system, reports Daily Trust.
In his intervention last week, Otedola accused members of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), which he claimed to have founded, of sustaining a corrupt model built on subsidy fraud and obsolete infrastructure.
He alleged that over N2 trillion was siphoned through questionable subsidy claims under the Jonathan administration.
Reacting in a statement posted on his X page, Sani said: “The subsidy regime predates Jonathan and lasted decades. It was entrenched under Obasanjo, continued under Yar’Adua, remained during Jonathan’s time, and persisted under Buhari with even greater opacity.
“To lay the blame solely on Jonathan is misleading, especially as Otedola himself enjoyed enormous privileges during the era.”
Sani noted that Otedola’s company, Zenon Petroleum and Gas Ltd, once controlled up to 90 percent of diesel imports and benefitted heavily from the same subsidy framework he now condemns.
He said Jonathan had set up the Aigboje Aig-Imoukhuede forensic audit panel to unmask exploiters of the subsidy system, adding that attempts at deregulation were sabotaged by vested interests, politicians and profiteers.
“Otedola himself was spotlighted during the forensic panel’s work and the House of Reps ad-hoc committee on subsidy payments chaired by Farouk Lawan,” Sani said.
He referenced the Otedola-Lawan scandal, in which the businessman admitted giving marked money to the lawmaker, later claiming it was a sting operation.
“Rather than feigning moral superiority, Otedola should come clean. His comments, while critical of corruption, appear more like image-laundering than truth-telling. Nigerians deserve honesty, full disclosure and historical accuracy,” Sani added.
He urged Otedola to support a full independent inquiry into the subsidy regime across all administrations, including the periods he profited from, instead of offering “curated narratives.”
“Until then, his accusations amount to nothing more than a pot calling the kettle black,” he said.
